The 37-story Commerce Street high-rise is part of AT&T’s downtown headquarters campus.

South Korean investors spent more than $96 million to buy a major stake in AT&T’s biggest Dallas headquarters building.

The owners of the 37-story One AT&T Plaza confirmed last month that Korean buyers had acquired a large share of the downtown skyscraper. Dallas investors Dundon Capital Partners and Woods Capital purchased the landmark skyscraper — also called Whitacre Tower — in late 2018.

AT&T occupies all 965,800 square feet of the high-rise, which was built in 1983. The company has a lease on the office building until 2031.

The telecom and entertainment firm is spending $100 million to revamp its five-block downtown campus.

Korean investors IGIS Asset Management, Hana Financial Investment Co. Ltd. and KDB Life Insurance Co. now have an 80% stake in the partnership that owns One AT&T Plaza, according to a report by The Korea Economic Daily.

“We made an aggressive bidding, betting on the growth potential for the Dallas area, which is undervalued compared with big city downtowns New York and L.A.,” an IGIS official told the publication. IGIS Asset Management Co. is Korea’s biggest real estate investment firm.

The AT&T building transaction represents one of the largest Dallas-area office investments of 2019. The deal was negotiated by commercial property firm CBRE.

Korean investors in the last few years have made several high-profile property plays in North Texas.

In 2016, Korean buyers paid more than $800 million for State Farm Insurance’s four-tower Richardson office complex. Three years ago, a Korean investment fund bought the 18-story KPMG Plaza office building in downtown’s Arts District.